In real estate owned by more than one person, there are different methods for terminating the partnership and individualizing the ownership. One of these methods is to eliminate the partnership by establishing a condominium. In this article, we will give detailed information about establishing a condominium and discuss the necessary conditions and process.
What is the Establishment of Condominium Ownership?
Establishing a condominium is the individualization of ownership by dividing a real estate owned by more than one person into independent sections and each independent section belonging to a single person. In this way, partners have full control over their own independent departments.
When is it possible to establish condominium ownership?
Some conditions must be met for the establishment of a condominium. These conditions are:
The real estate must be in accordance with the zoning plan: The real estate on which a condominium will be established must be in accordance with the zoning plan of the location where it is located and there must be no legal obstacles that would prevent the establishment of a condominium.
The real estate must be made of masonry: The entire property on which condominium ownership will be established must be made of masonry. Condominium ownership cannot be established in buildings made of materials such as wood or adobe.
Formation of independent sections: The real estate should be divided into independent sections that are independent of each other and can be used separately. Each independent section must have at least one room such as a kitchen, bathroom and toilet.
At least one independent section for each stakeholder: As a result of the dissolution of the partnership, each stakeholder must have at least one independent section.
How to Establish a Condominium Ownership?
The following steps must be followed to establish a condominium:
Application to the Land Registry Directorate: First, an application must be made to the relevant land registry directorate and the necessary documents must be submitted. These documents are:
title deed
Zoning status certificate
condominium project
Declaration of condominium ownership
Examination of the Land Registry Directorate: The Land Registry Directorate examines the submitted documents and carries out the necessary examinations.
Condominium Establishment Report: If there are no deficiencies or contradictions in the documents, a Condominium Ownership Establishment Report is prepared.
Change in Title Deed Records: As a result of the preparation of the Condominium Establishment Report, necessary changes are made in the title deed records.
Benefits of Establishing a Condominium Ownership
Establishing a condominium has many benefits. Some of these are those:
Individualization of ownership: With the establishment of a condominium, the partners have full control over their own independent sections. This way, they can make decisions about the property on their own.
Tracking rental income becomes easier: In real estate where condominiums are established, the rental income of each independent section can be tracked separately.
Management becomes easier: In real estate where condominiums are established, a board of flat owners is formed and this board makes decisions regarding the management of the building and common areas.
The value of the real estate increases: The value of real estate with established condominiums increases because it can be offered for sale as a title deed and independent section.
